Halo Halo!
Welcome to the Dispatch #1, in this series I will discuss of so-call alt-coins which I believe have notable potential and should not be overlooked.
Many crypto-investors often snob alt-coins, doubting them as "shitty coins" because Bitcoin is the best and bla bla bla.. However, as I have already pointed out in my previous article, whilst I believe in Bitcoin as the future gold, I do not believe the BTC blockchain is the best one to develop our future blockchain-based society (yes, we'll probably run most of our stuff on blockchain one day- IMHO).
As a result, whilst most of the 1370 cryptocurrencies available are - indeed - bollocks or redundant, some of them might be widely adopted, as they solve real life problems. This is why I believe that referring to them as alt-coins is fundamentally wrong! There is, in fact, the need to differentiate within them between the ones that are worth investing and considering and the ones that are not. Among the formers, today I'll discuss about WeTrust.
WeTrust is a blockchain project with a threefold mission:
1- Improve financial inclusion on a global scale
2- Provide decentralized financial services
3- Create transparency that fosters trust
Whilst technology has contributed to revolutionary changes, many people around the world remain unbanked, without the possibility to access to credit, vital to improve their current situation. WeTrust aims to solve this problem by providing decentralized and inclusive financial services (without the need for third parties) by leveraging already existing social capital and personal trust networks.
The banking and insurance sectors have abused of their monopolistic dominance of the market for too long. They enjoy fat margins and offer undifferentiated products. Furthermore, many people are cut off the financial market because they do not have a good credit history, perpetuating a vicious cycle of poverty and difficult access to credit. This is because they do not only provide services and products, but they're the third party that make such relationships possible!
What WeTrust proposes is a system that leverages on the untapped personal reputation and social ties possessed by all of us. Their vision is to amplify their strengths in a context that reduces their weaknesses, mainly the possibility of fraud, the scalabity issue and the lack of innovation.
This video provides a good overview of their mission.
OK, VERY NICE. BUT HOW ARE THEY GOING TO DO SO?
The first product that will be implemented is the so-called ROSCA which stands for Rotating Savings and Credit Associations. Currently, this system are used by more than 1b people. It is a platform where trusted associates help one another and where the community can keep the interests generated. Groups agree on contribution amounts / periods and rules. Following such system it is possible to achieve a Pareto optimal outcome, where everybody benefits and nobody is worse off.
ROSCA systems leverage community power to provide access to credit and fair rates and to allow small and medium enterprises to get funding that they would otherwise not be able to get. In addition, such systems also also empower females and minorities, giving them financial freedom and the possibility to become financially independent.
THE ROADMAP
I've been participating in their Slack channel for a while now and the groups is really serious. Rarely have I seen such a good and constructive community. The reason why you probably haven't heard of this coin is because the team does not wish to hype it before having a functioning program, which I find really respectful in a space where it usually happens the opposite....
They're getting close to release their BETA. On the 30th of November they'll release a beta for whitelisted users and on mid-december they'll release a beta available for the public.
Their final project is to build a system that works with people being unaware of using cryptos. They'll eventually be able to create credit scores based on user history and on the quality of user's behaviour on the platform.
THE TEAM
This is a five star team, figuring ex-Googlers and McKinsey consultants with lots of expertise in both the blockchain and the insurance sector.
I'll leave the link here, you can check the team for yourself: https://www.wetrust.io/#team
Furthermore, among their advisors figures Vitalik Buterin, the founder of Ethereum and one of the most appreciated personalities in the crypto space.
THE COIN
There are 92 million TRST coins. As of today, the price per coin is of 0.39 USD and the Market Capitalization is 36million. I believe that for the magnitude of the project the coin is extremely undervalued. You can take a look at this data here.
I believe in the project and I did not invest in this coin to speculate on short term gains. I believe the long term potential is huge and I'm more than glad to be able to support this project.
If you wish to invest please do your own research and do not take my word as it is.
In the next Dispatch, I'll actually focus more on trading by providing you with the Top 5 of my favourite alt coins at the moment! Follow my blog to be updated and feel free to comment with feedbacks or advices for the next articles.
Do you like the concept of WeTrust? Will you support their project?
Thanks again for taking the time to read and...
May the blockchain be with you!